Your credit score gets used in a lot of ways. Please remember that credit scores can be one of the most-used tools by creditors, employers, insurance, and finance companies. These kinds of companies all rely on credit scores when they determine creditworthiness.
A personal credit score is considered a credit snapshot that is used when companies make quick credit decisions. Of course, creditors may also choose to get your full credit report as well, in order to assess a more complete and detailed set of information that helps them decide on your level of risk.
Each of the credit reporting agencies in the US – whether is it Equifax, Experian, or TransUnion – will also offer industry-specific scores when checking a person’s credit. Such industry-specific credit reports will allow lenders in these specific industries to get themselves a better assessment of the certain factors that are often in a person’s credit file. For example, a lender that is working in the automotive industry might request a score model that will more closely evaluate an individual’s auto loan payment history. This score would be based on the data available with that agency, and might be different from one agency to another agency. Please remember that your credit score rating can also be different, depending on the score model that has been requested, such as auto, mortgage, etc.